Navi Mumbai man falls prey to cyber fraud, loses Rs 45.69 lakh in share trading scam

economictimes.indiatimes.com:

Navi Mumbai has become the latest victim of cyber fraud, losing a substantial sum of Rs 45.69 lakh in a share trading scam, as revealed by an official statement on Tuesday.

The victim, whose identity remains undisclosed, was reportedly approached by a group of cyber criminals through various social media platforms. These individuals, promising lucrative returns, convinced the victim to invest in share trading between March 2 and April 14. Despite investing nearly Rs 45.69 lakh during this period, the victim failed to receive any returns on the investment, leading to significant financial repercussions.

In response to the victim's complaint, the cyber police station has taken swift action, registering a First Information Report (FIR) against five suspects. The charges include «cheating» under Section 420 of the Indian Penal Code and «criminal breach of trust» under Section 406, among others. Law enforcement authorities are actively pursuing the case, employing various investigative techniques to identify and apprehend the accused.

Efforts are underway to trace the perpetrators by analyzing the mobile numbers, WhatsApp groups, and Telegram IDs used in communication with the victim. The meticulous tracing of digital footprints aims to uncover the identity of the cyber criminals responsible for perpetrating the fraudulent scheme.